Rehab Costs

[Luper Akough]

Hey BP Members! I am planning on doing my first flip and a bit nervous to say the least. The biggest concern of mine is having cost get out of control. I am not a contractor but I am capable of learning things quickly. I however do not want to spend the time to learn to do the manual labor and would rather just hire it out and jump in if I need to save a buck. My question is what is the best way to control cost and also make sure I do not get taken advantage of?

I appreciate your input. 

[Chase Shank]

You don't look too young, so you have that going for you. 

Best thing you can do is educate yourself, learn the lingo. If you know what the hell you are talking about, people will take you more seriously and will be less likely to take advantage of you. 

Get multiple quotes for work to be done. Multiple!

Do all demo work yourself. It is easy to tear stuff up, and you will save a pretty penny if you do so.

Go to the home depot, home emporium, lowes, lumber liquidators, everywhere and get your prices on paper.

Labor is expensive, but if it sounds like a ridiculous number, it probably is. 

And lastly, go with your gut. If you don't get a good feeling about someone, don't go with them - even if they give you the lowest bid. And don't just go with the lowest bidder because you get what you pay for!